99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB4697
 
Introduced , by Rep. Elaine Nekritz
 
SYNOPSIS AS INTRODUCED:
 

 
New Act

     Creates the Land Trust Beneficiary Rights Act. Provides that if the identity of the trustee of a land trust has been changed by virtue of sale, assignment, appointment, or otherwise, but the beneficial owner or owners of the land trust remain unchanged, the rights of the beneficial owner or owners shall in no way be impaired by the change of trustees. Provides that a change of trustees pursuant to a sale, acquisition, or appointment governed by the Corporate Fiduciaries Act is not a bar or defense to any pending court action filed by or in the name of either the previous trustee or the new trustee, irrespective of whether the court action was originally filed in a representative capacity on behalf of the beneficial owner or owners.
  


LRB099 17135 HEP 44518 b

 
 
A BILL FOR
 

  
HB4697LRB099 17135 HEP 44518 b


  
1    AN ACT concerning civil law.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 1. Short title. This Act may be cited as the Land 
5Trust Beneficiary Rights Act.
  
 
6    Section 5. Land trust beneficiary rights.  If the identity 
7of the trustee of a land trust has been changed by virtue of 
8sale, assignment, appointment, or otherwise, but the 
9beneficial owner or owners of the land trust remain unchanged, 
10the rights of the beneficial owner or owners shall in no way be 
11impaired by the change of trustees.
 
12    Section 10. Change of trustee not a bar or defense to 
13litigation.  A change of trustee pursuant to a sale, 
14acquisition, or appointment governed by the Corporate 
15Fiduciary Act is not a bar or defense to any pending court 
16action filed by or in the name of either the previous trustee 
17or the new trustee, irrespective of whether the court action 
18was originally filed in a representative capacity on behalf of 
19the beneficial owner or owners.